Chart GBP/USD Update: Reached 1.3400 - studies continue to track lower
Anticipated losses have reached congestion support at 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3681 | 4 Jul high | S1 | 1.3400 | * | congestion | ||
| R3 | 1.3590/00 | ** | 24 Jul (w) high; cong | S2 | 1.3300 | * | congestion | |
| R2 | 1.3550 | intraday break level | S3 | 1.3200 | * | congestion | ||
| R1 | 1.3500 | ** | congestion | S4 | 1.3140~ | * | May-Aug lows |
Asterisk denotes strength of level
08:10 BST - Anticipated losses have reached congestion support at 1.3400, where flat oversold intraday studies are prompting short-term reactions. Daily stochastics continue to fall and the daily Tension Indicator is also under pressure, highlighting room for further losses in the coming sessions. A break will open up congestion around 1.3300. But unwinding oversold weekly stochastics are expected to prompt fresh buying interest/consolidation towards here. Meanwhile, resistance remains up to congestion around 1.3500. A break back above here, if seen, is expected to give way to consolidation beneath the 1.3590 weekly high of 24 July and congestion around 1.3600.